The latest news on the WTC Chandigarh project is that the Greater Mohali Area Development Authority (GMADA) has cancelled the allotment of the site to the developers. The developers, WTC Noida Development Company Pvt Ltd, WTC Chandigarh Development Company Pvt Ltd and Erika Fracon India Pvt Ltd, have not yet paid the full amount of the bid amount of Rs. 131.33 crore.
The GMADA has taken this action as the developers have failed to comply with the terms and conditions of the allotment agreement. The developers have also not been able to provide the required security deposit.
The cancellation of the allotment is a major setback for the WTC Chandigarh project. The project was expected to be a major boost for the economy of Chandigarh and the region.
The developers have said that they will appeal the GMADA’s decision. They have also said that they are still committed to the project and will work towards completing it.
It is not yet clear what the future of the WTC Chandigarh project is. The developers have said that they will appeal the GMADA’s decision. However, it is also possible that the project will be scrapped altogether.
The cancellation of the WTC Chandigarh project is a major disappointment for the people of Chandigarh. The project was expected to create jobs and boost the economy of the city. It is also a setback for the efforts of the government to promote trade and investment in the region.
It remains to be seen what the future holds for the WTC Chandigarh project. However, the cancellation of the allotment is a major setback for the project and for the people of Chandigarh.
